Which of the Following Statements Best Summarizes the Law of Diminishing

question 92

Multiple Choice

Which of the following statements best summarizes the law of diminishing marginal returns?

• A) In the short run, as more labor is hired, output diminishes.
• B) In the short run, as more labor is hired, output increases at a diminishing rate.
• C) In the short run, the amount of labor a firm will hire diminishes as output increases.
• D) As more labor is hired, the length of time that defines the short run diminishes.

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Definitions:

Negative Events

Incidents or occurrences that have undesirable outcomes or bring about harmful emotional or physical consequences.

Positive Emotions

Feelings that create a sense of contentment, joy, or happiness, and can enhance well-being and quality of life.

Social Clock

The cultural set timetable for events and milestones that individuals are expected to achieve in a given culture, such as marriage, retirement, or starting a family.

Grief

The intense emotional suffering or distress experienced as a result of loss, especially the death of a loved one.